NatWest Strengthens Fight Against Rising Payments Fraud and Financial Crime with Featurespace
As banks around the world continue fighting fraud, scams and false positives, Featurespace™, the leading provider of Enterprise Financial Crime prevention software for fraud and Anti-Money Laundering, announced that NatWest is protecting its customers with the ARIC™ Risk Hub through enterprise-wide transaction monitoring and payments fraud detection – including threats posed by Authorized Push Payments (APP) and scams.
After selecting Featurespace in late 2019, NatWest completed an enterprise-wide deployment of ARIC Risk Hub earlier this year to detect anomalies and protect customers in real time by collating account-level data across all touch points. Within 24 hours of deploying ARIC Risk Hub, NatWest saw an increase in the value of fraud and scams detected and an immediate decrease in false positive rates (genuine customer activity declined), while strengthening the customer experience.
“As we facilitate greater control over the access and movement of money for customers, our systems must be able to instantly determine if activity is genuine so that the high level of convenience is matched by uncompromising security standards,” said Alasdair MacFarlane, Head of Fraud Prevention & Response at NatWest. “In our continued efforts to optimize our fraud and risk strategies, ARIC Risk Hub’s ability allows us to adapt to and detect new fraud and suspicious activity in real time.”
Powered by unique Adaptive Behavioral Analytics, ARIC Risk Hub is an award-winning enterprise financial crime prevention platform using fully adaptive machine learning models to protect customers. Individual behavioral activity is monitored in real time, allowing financial institutions to catch more fraud and prioritize alerts of suspicious activity with greater accuracy, while reducing the number of genuine transactions declined.
“NatWest demonstrates an unwavering commitment to overcoming fraud and financial crime across its business. We respect their ambition and we commend them for their determination. We are excited to be their partner and to continue our journey together,” said Martina King, CEO of Featurespace.